Sunday, March 28, 2010

Have Fun Sending That Check To The IRS

Bank of America and Wells Fargo May Pay No Taxes for 2009

" The tax news has been all good lately for some of the nation’s leading banks. First, JPMorgan Chase found out it will receive a fat refund from the federal government, and now Bank of America and Wells Fargo won’t have to pay federal income taxes for 2009.

BofA is off the hook because it reportedly lost money last year. As for Wells Fargo, the country’s fourth largest bank won’t have to pay income taxes because of losses it sustained from rescuing Wachovia.

JPMorgan Chase is expecting a tax refund of possibly as much as $4 billion as a result of the stimulus plan and its takeover of Washington Mutual."


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